Income Protection Insurance
#1
Forum Regular
Thread Starter
Joined: Jun 2006
Posts: 263
Income Protection Insurance
Can anyone recommend an insurance company that can offer an income protection policy. I'm talking about a policy that pays you an income should you be made redundant.
We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.
Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.
cheers
showdan
We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.
Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.
cheers
showdan
#2
Re: Income Protection Insurance
Can anyone recommend an insurance company that can offer an income protection policy. I'm talking about a policy that pays you an income should you be made redundant.
We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.
Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.
cheers
showdan
We always had one of these in the UK and never struggled with a provider, but there doesn't seem to be many offering this here.
Only been here for 7 months (permanent resident) so would still have to fend for myself for another 15 months, luckily I've never been unemployed in my life, but would still like this for peace of mind.
cheers
showdan
Maybe better to do your own saving to cover any difficult times. Even after the 2 year mark, welfare is means tested mostly.
#3
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: Income Protection Insurance
I'm with Aviva, not sure I'm covered for redundancy, but in the event that I succumb to some kind of mishap that means I can't work again, I'll continue to receive 75% of my pay, indexed with inflation.
It makes perfect financial sense to me, as I'm fairly young and need some guarantee of an income stream for the next 15-20yrs while we have a homeloan, and also to provide for my family.
But for some people, its not really worth it. It all depends on the circumstances.
"speak to your financial adviser" as all the PDSs say !
It makes perfect financial sense to me, as I'm fairly young and need some guarantee of an income stream for the next 15-20yrs while we have a homeloan, and also to provide for my family.
But for some people, its not really worth it. It all depends on the circumstances.
"speak to your financial adviser" as all the PDSs say !
#6
Re: Income Protection Insurance
Does that mean you can't work in your existing job, or can't work in any job?
#9
BE Forum Addict
Joined: Sep 2006
Posts: 1,966
Re: Income Protection Insurance
OP, does your superannuation fund provide IP insurance as an option?